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QNet investors demand action against multi-level marketing firm

TNN | Apr 1, 2018, 06:43 IST

BENGALURU: Around 70 persons protested at Freedom Park here on Saturday, demanding action against QNet, a direct selling and marketing firm that allegedly duped thousands of investors across the country through a multi-level marketing (MLM) scheme.
The protesters, who lost lakhs of rupees, included doctors, software engineers and private business owners in the city. They claimed they were forced to bring in more investments from family members and friends to recover their principal investments. They alleged that the company was selling products under the pyramid scheme and collecting investments from people by promising a high interest rate.

Pratik K, a 24-year-old employee of a private company, said he lost Rs 2 lakh in 2016. He was introduced to senior company executives through a childhood friend of his sister. He said he’s still paying the EMI for a personal loan he had to take.

“My parents have no knowledge about this and it’s a daily struggle. We were given something called a ‘magic script’ in the first meeting and we were told senior executives would meet us and explain about the company. There’s a lot of pomp and show about the meeting as though we’re getting the chance of a lifetime by investing in this company. They create a negative atmosphere about our current earnings and coerce us into investing large amounts,” he said, adding that details of the business and even the name of the company were withheld till the refund period for the investment lapsed.

Anupam Singh and Priyanka Rani, a couple in private city firms, were among the first to lodge an FIR against the company. Singh said they were introduced to QNet by his wife’s relatives and the couple together lost approximately Rs 10 lakh in 2016. “When the truth emerged, my wife’s relatives were untraceable and she’s facing trouble with her parents. This company is ruining lives and relationships,” he said. Around 25 cases have been registered at the Ulsoor police station.

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